- Dr. Profit reaffirms bullish stance as a rare Golden Cross and cup-and-handle pattern suggest Bitcoin’s multi-month upside potential.
- Despite recent dips, Bitcoin maintains higher highs, strong moving average alignment, and bullish MACD momentum on key timeframes.
- Market shakeout tests $104K–$104.4K support, but long-term holders show resilience while eyes turn to Powell and June CPI data.
Bitcoin continues to defend critical support levels following recent volatility triggered by market manipulation and broader macro developments. Dr. Profit, a widely-followed crypto analyst, remains firm in his bullish stance. He emphasized that despite noise across social media, major accounts calling for shorts have consistently failed. According to him, these influencers often become exit liquidity rather than market leaders. His recent re-entry into Bitcoin at $77K reinforces his conviction, backed by a Golden Cross signal on the weekly chart. Historically, this rare indicator marks the beginning of a multi-month bullish cycle.
Golden Cross and Technical Foundations Remain Bullish
Dr. Profit highlighted several bullish signals supporting continued upward momentum. The Golden Cross, formed on the weekly chart, holds historic accuracy and rarely appears. Additionally, a cup-and-handle pattern has emerged in the daily timeframe. A breakout above $113K–$115K could propel Bitcoin higher. Moreover, the price maintains structure with consistent higher highs and higher lows since the $74K bottom.
Source: Doctor Profit
Besides, Bitcoin trades well above its 20D, 50D, and 200D moving averages. This alignment strengthens trend confidence. Weekly MACD also shows bullish momentum as the MACD line crosses above the signal line. These signals support Dr. Profit’s short-term target of $120K, suggesting the market is currently in a shakeout phase.
Short-Term Volatility and Market Response
Meanwhile, James Wynn, another crypto voice, reported unusual market activity following his long position. Bitcoin faced strong resistance at $105,600 early in the session. Consequently, it dropped steadily, reaching $104,448 before stabilizing. The rejection at the $105,600 level triggered selling pressure, reflected in concentrated volume spikes near the highs.
Additionally, Hyperliquid platform data shows active market conditions, with the liquidation threshold around $104,151. This level acts as critical support. Traders now watch the $104,000–$104,400 zone closely. If Bitcoin loses this range, further volatility may follow.
Source: James Wynn
However, long-term holders and large wallets remain unmoved. This behavior signals confidence in Bitcoin’s long-term structure. BlackRock’s minor outflows were seen as caution, not fear, linked to Trump’s tariff news. Powell’s speech tomorrow could be a market catalyst, but all eyes remain on the June 11 CPI release.
